NMMC, the world's fourth-largest gold producer and the largest gold mining company in Central Asia, today announces its IFRS financial results for the 2024 fiscal year (the “Period”), based on the Company's audited financial statements for the year ended 31 December 2024, as approved by management on 10 April 2025.
Quvondiq Sanaqulov, NMMC Management Board Chairman and General Director, said: "NMMC achieved record revenue in 2024 by increasing gold output by 5.4%. Driven by the acceleration of investment initiatives, the company has implemented 24 major investment projects over the past eight years with a total value of USD 3 billion. As a result, the production targets initially set for 2026 were achieved already in 2024 - two years ahead of schedule. At the same time, NMMC continues to maintain its position as one of the industry's lowest-cost producers while investing in the company's future sustainable growth."
Highlights
- Total gold production was 3.10 million ounces, an increase of 5.4% from 2.94 million ounces in 2023, helped by the launch of new mining and processing capacity of the course of the Period.
- FY2024 revenue was US$7.4 billion, 29.8% higher than the US$5.7 billion logged in 2023 and a record for the company.
- All-in sustaining costs for the Period were US$979 per ounce, up from US$866 per ounce in 2023 and in line with expectations, due to increase in royalty because of higher revenue from gold sales as well as salary increases.
- Adjusted EBITDA for FY2024 was US$4.6 billion, an increase of 39.4% from US$3.3 billion in 2023. Higher gold prices outpaced the increase in costs, with Adjusted EBITDA margin rising to 62% in 2024 from 58% last year.
- Profit for the year for the Period was US$2.1 billion versus US$1.5 billion in 2023.
- Net cash used in investing activities (Cash CAPEX) in FY2024 were US$914 million, up 34.6% as compared to US$679 million in 2023, as the Company continued to implement its investment program designed to increase production at its existing mines and explore new near-mine exploration targets.
- The leverage of the company (net debt/adjusted EBITDA ratio) improved from 0.7x at year-end 2023 to 0.5x at year-end 2024, reflecting the Company's continued fiscal discipline. NMMC's debt portfolio as of 31 December 2024 included the Company's successful debut US$1 billion Eurobond issue in October 2024, which featured two tranches of US$500 million each with tenors of four and seven years.
Financial Highlights
2024 2023 Difference
The full IFRS results can be accessed online at:
https://www.ngmk.uz/en/investors/reports-and-results/
